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automatic spending cuts before the end of the year. the other issue is taxes. congressional republicans want bush-era tax cuts extended for all americans. president obama says those tax cuts must expire for households making $250,000 or more. >> it's a position that is supported by a majority of the american people. and, you know, we need to see from republicans an acknowledgement of that. >> reporter: the gop proposal that the white house quickly rejected closes tax loopholes and reduces deductions to raise 800 billion-dollar in new revenue. the plan cuts $600 billion in healthcare entitlement programs. >> we are overspending and until you deal with that issue you cannot raise taxes enough to be able to keep one a trillion dollars of accelerate spending. >> reporter: republicans dismissed the president's plan late last week. but now that both sides have numbers on the table, some congressional watchers believe those outlines may eventually help them find common ground. in washington, danielle nottingham cbs 5. >>> are you ready for more rain? >> i don't know. >> well -- >> i guess we need
but frozen. so far - no een >>> tensions over tax hikes and spending cuts have left the "fiscal cliff" talks all but frozen. so far no face-to-face meetings have been scheduled between the democrats and republicans. cbs reporter danielle nottingham with the president's push now to sell his plan to american businesses. >> reporter: president obama asked business leaders this morning to support his plan to prevent a fiscal crisis. >> let's allow higher rights to go up for the top 2%, that includes all of you, yes, but not in any way that's going to affect your spending, your lifestyles. >> reporter: if no deal is reached between democrats and republicans before the end of the year, taxes will go up for everyone and automatic spending cuts will kick in. the president wants bush-era tax breaks to expire for households making $250,000 or more. republicans are adamantly opposed to that. >> closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising rates. >> reporter: republicans are also pressing their case with the public. house gop leaders invited
now i would say we're nowhere. >> reporter: taxes continue to be the line in the sand between democrats and republicans. >> there is no path to an agreement that does not involve republicans acknowledging that rates have to go up for the wealthiest. >> reporter: gop lawmakers don't want higher rates and say the obama administration's proposed cuts to entitlements don't go far enough. >> i think we're going over the cliff. it's pretty clear to me they have made a political calculation. this offer doesn't remotely deal with entitlement reform in a way to save medicare and medicaid and social security from bankruptcy. >> reporter: if a deal is not reached, taxes go up and spending will be clashed. defense contractors are sending the message to lawmakers those cuts would damage the military industry and weaken national security. the ceo of task, a company that develops aviation systems and software for intelligence agencies: >> over 50% of the defense budget is procuring services and services are underscored by jobs. so of course there will be job loss if you have cuts. >> report
, in private it is starting to take shape. here's some of the details they have given politico.com. taxes will go up about $1.2 trillion, entitlement programs mainly medicare will be cut by no less than $400 billion. there will be at least $1.2 trillion in spending cuts and war cuts. >>> another point in the "fiscal cliff" discussion unemployment a new congressional budget office report showing americans have collected more than half a trillion dollars in federal jobless benefits in the last five years. >>> a battle over an oyster farm has ended. the u.s. interior secretary ken salazar is not renewing drake's bay's oyster company's lease which expires at the end of the month. he visited the farm along point reyes national seashore last week saying it should be returned to the wilderness for future generations to enjoy. company supporters including senator dianne feinstein argue to save the farm because it's a key part of the rural economy in that area. >>> still ahead, bankrupt but still able to give out bonuses? the latest controversy haunting hostess. >> with the biggest payout in power
Search Results 0 to 3 of about 4